How Did Arlington’s Housing Market Do In September? | How’s The Market? #11

Wondering how the real estate market is right now?

In this episode of How’s The Market?, I’m recapping the September 2018 housing market data for Arlington TX. You’ve heard so much about the entertainment growth the city is undergoing (i.e. Texas Live!, Urban Union), you may be wondering how the housing market is doing!

I hope you enjoy this episode of How’s The Market?

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Hello everyone this is Keela McGraw with CearnalCo, Realtors, with another market update for the month of September.

In the month of September of 2018, there were 411 new listings. That number is actually down from September of 2017 when there were 415.

Active listings – in September, there were 680 active listings. In September 2017, there were 656 active listings. 341 homes went under contract in September of 2018. As you can see, that’s about half of the number of homes that were actively listed on the market.

And that same trend stays true because in 2017 of September, there were 327 homes that went under contract which is about half of 656.

Year-to-date, from January, through September, 2018 there have been 5,293 homes that have sold in Arlington. That numbers is up about nearly 400 more homes sold in 2018 of September than in 2017 of September.

The average sales price of a home in Arlington is $231,592 in September of 2017. That number was $211,325.

Here we have our average days on market. If you notice in September 2017, the average days on market was about 22. That number is up, five more days and sit in September of 2018 with 27 days on market. So as you can see, it’s not unusual to see homes stay on the market, a little bit longer when you have more inventory hitting the market. So the trends here as you can see in September 2017 4,900 homes hit the market with 22 average days on the market. And here 5,293, 27 days on the market.

Months of inventory. Anything between zero and four months is considered a seller’s market. Anything between four to seven months is considered a neutral or balanced market. And anything more than seven months is really a buyers market. As you September of 2018, 1.9 months of inventory is where we are. So that simply means, if no more homes hit the market. It would take about 1.9 months for every home to sale in Arlington.

If your home is sitting on the market for longer than 27 days, there are four things that you need to consider: Price, location, condition and professional presentation.

Location – you can’t do a whole lot about the location of your home. It is where it is. You can do something with the curb appeal, but you kinda limited with what you can do.

The condition, however, there are some things that you can do to improve the condition of your home. Even if you’ve stayed in your home for awhile, you want to make sure that you’re staying up to date on getting things serviced and things like that. Keeping your home in the best condition possible. But also, if you’re looking to possibly put your house on the market there are some things that you can do to the interior and exterior of your home to increase the value.

The other thing that we want to consider is the professional presentation. So our job as REALTORS® is to get your home in front of as many buyers as possible. We want anyone who’s possibly interested in that type of home to know about it. So we want to market your home as much as we can and get it exposed to as many buyers as we can. There are different things that REALTORS® have in their toolkit that we like to share so, if that is something that if your house is staying on the market, longer, we may need to look at professional presentation and figure out some different things to do.

Last but not least, we have to talk about that price. So the price may be perfect for you, but it may not be what the market is responding to. So that is the last thing we typically look at as REALTORS® is adjusting that price because no one wants to leave any money on the table.

I hope this information is helpful. Again this is a market update for the month of September and this is again Keela McGraw with CearnalCo, REALTORS signing off. Thank you.

Thanks for listening.

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